Demand and volumemixed · 4 filings
“The decrease in EMEA sales was attributable to distribution timing and higher retail inventory following weaker than anticipated holiday sales reducing replenishment orders.”10-Q · May 7, 2026 ↗
Spectrum Brands Holdings, Inc.
SPB
Market read
Spectrum Brands Holdings, Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 13 directly disclosed connections are confirming.
Company+0.6% todayVolume comparison unavailable
Market group0 of 37 activeHealthcare REITs & Services · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- SPB's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if SPB's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 13 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- SPB's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations320
Usable filing statements120
Verified relationships10
Evidence supporting the case
- Operating cash flow covered net income at 2.04x in the latest annual period.
- Material customer WMT most recently reported revenue +6.9% year over year.
Evidence challenging the case
- Latest annual revenue changed -5.2% year over year.
- Operating margin changed -1.3 percentage points in the latest annual period.
- Demand and volume has repeated adverse evidence across 4 filings.
- Macroeconomic conditions has repeated adverse evidence across 4 filings.
- Restructuring and cost reductions has repeated adverse evidence across 4 filings.
- Tariffs and trade policy has repeated adverse evidence across 4 filings.
Questions before a position
- P/E is 16% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 66% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
86.156m+9.5%12m+54.0%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-09-30$3.0B+14.3%$4.39-3.4%
2022-09-30$3.1B+4.5%$1.75-5.3%
2023-09-30$2.9B-6.8%$45.65-3.4%
2024-09-30$3.0B+1.5%$4.10-22.8%
2025-09-30$2.8B-5.2%$3.86-15.1%
What management says matters
Persistent and emerging business drivers
Macroeconomic conditionsmixed · 4 filings
“Adjusted EBITDA for the six month period increased due to higher sales volumes and favorable mix offset by higher input costs with inflation in excess of pricing adjustments and cost improvements, and higher trade spend resulting in lower adjusted EBITDA marg…”10-Q · May 7, 2026 ↗
Restructuring and cost reductionsnegative · 4 filings
“Strategic transaction, restructuring and optimization costs, inclusive of exit & disposal costs, increased for the three and six month periods due to incremental initiatives during the three month period plus additional costs towards HPC separation initiative…”10-Q · May 7, 2026 ↗
Tariffs and trade policynegative · 4 filings
“North America sales decreased in both product categories as it was impacted by overall consumer softness due to increased pricing from tariffs and SKU rationalization actions in response to changes in trade policy to ensure overall profitability.”10-Q · May 7, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.8× · EV/sales 0.9×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
86.15+0.6% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for SPB. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for SPB. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind SPB
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
WMT64.0% of SPBcustomerNov 18, 2025 ▾
“Related Brands Product sales are generally through our direct sales force and network of brokers and distributors primarily with large retailers, pet superstores, e-commerce, food and drug retailers, warehouse clubs and other pet specialty retail, with a sign…”
AMZNAmazon.com, Inc.distributorNov 18, 2025 ▾
“Related Brands Product sales are generally through our direct sales force and network of brokers and distributors primarily with large retailers, pet superstores, e-commerce, food and drug retailers, warehouse clubs and other pet specialty retail, with a sign…”
Depended on by
CENTACentral Garden & Pet CompanycompetitorNov 26, 2025 ▾
“Our turf and forage grass seed, fertilizers, pesticides and combination products compete primarily with offerings from The Scotts Miracle-Gro Company, while Spectrum Brands and S.C.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 11 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
SPB is currently a Follower in the organic co-movement group Healthcare REITs & Services. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for SPB; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.